Base metals prices on the Shanghai Futures Exchange tumbled across the board on the morning of Monday August 26, reflecting a further escalation of trade tensions between the United States and China after both sides said they would ramp up tariffs against each other.

Last Friday, China said it would impose tariffs on $75 billion worth of US goods in response to a previous announcement by the US that it would levy a 10% tax on $300 billion worth of Chinese products.

Hours later, US President Donald Trump announced an additional duty of 5% on $550 billion worth of Chinese goods.